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When your new home is on a just sold card!

Tuesday, July 12, 2016 Written by Emmanuelle in General

 


As a client you have the right to keep confidential your identity, your property and the contents of the agreement, especially the price, when a property is sold.
 
The Code of Ethics of Reco provides amongst others that a real estate professional:
 
“36.(8)             ….shall not include anything in an advertisement that could reasonably be used to identify specific real estate unless the owner of the real estate has consented in writing.
36.(9)              A registrant shall not include anything in an advertisement that could reasonably be used to determine any of the contents of an agreement that deals with the conveyance of an interest in real estate, including any provision of the agreement relating to the price, unless the parties to the agreement have consented in writing.”
 
What does this mean in practice? When your real estate agent wants to advertise that a property is sold, he/she “may not include anything (such as an image or text) that could reasonably be used to:

  • Identify any party to the transaction,
  • Identify the specific property
  • Determine any of the contents of an agreement relating to the transaction including any provision that relates to the price (e.g., % of list price) or terms

That implies that the real estate agent must take into consideration:
 
1.         When the advertisement is distributed (before versus after the transaction has completed?
2.         Who is placing the advertisement (the buyer’s brokerage or the seller’s brokerage)?
 
Depending on the answer to those two questions, the consent of the seller or of the seller and the buyer shall be required.
 
The professional real estate should always ask you these questions if he/she wants to advertise your property.
 
 Confidentiality is crucial, this is a key word for me!